24Supervision Fund

24 Supervision Fund

(1)  TOFS may pay out of the Supervision Fund –

(a) to APRA –

(i) such amounts for liabilities relating to leave and other entitlements of employees of TOFS who become APRA employees under section 30 , being liabilities existing immediately before the transfer date, as is agreed by TOFS and APRA; and

(ii) such amounts for other liabilities of TOFS that become liabilities of APRA by reason of this Act, as is agreed by TOFS and APRA; and

(b) to ASIC –

(i) such amounts for liabilities relating to leave and other entitlements of employees of TOFS mentioned in section 31(1) , being liabilities existing immediately before the transfer date, as is agreed by TOFS and ASIC; and

(ii) such amounts for other liabilities of TOFS that become liabilities of ASIC by reason of this Act as is agreed by TOFS and ASIC.

(2)  Also TOFS may pay into or out of the Supervision Fund amounts for performing its functions and exercising its powers under this Division.

(3)  Immediately before TOFS is dissolved, it is to –

(a) determine the amount that is left standing to the credit of the Supervision Fund; and

(b) distribute that amount to the financial bodies that contributed to the Supervision Fund in the same proportion as their contributions.

(4)  This section applies despite sections 94(2) and (3) of the Financial Institutions (Tasmania) Code.

(5)  In this section,

employees, of TOFS, includes the chief executive officer of TOFS.